Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1887-05-05


for persons engaged In such lubor, ~ furnishes Il
for the hauling of said last blocks Or the lurn-
Der from which they are manufactured, has a lien
said last blocks for the amount due him fer his
personal labor thereon, ha; of his team and Tor
the amount due for wood cut or furnished,
which takes precedence Of all other claims, eNcepr
liens reserved to the state sAd lien shall continue
for thirty days after the said last blocks are stored
or housed fox drying purposes and shall he Ell
forced by attachment.
Section ? Section torty-two of chapter ninety
Of the revised statutes. IS hereby made appl!-
cable TO suits brought TO enforce the foregoing
liens Approved March 3, loa;.I
Chapter 81.
AN ACT 20 amend chapter forry-seven OF the
Revised Statutes relating to Loan and Building
Associations.
BE 1t enacted, &c a. follows
Chapter forty-seyen Of the re7!sel statutes Is
hereby amended by striking ont sections one hmm
dred and thirty four, hundred and thirty five,
one hundred and thirty-stx. one hundred and
thirty seven and one hundred and thirty eight Of
said chapter fofty screen, and inserting Instead
thereof the following
Section l3i The capital to be accumulated
shall not exceed one million dollars, and shall be
divided into shares OF the ultimate value of two
hundred dollars each The shares may be Issued in
quarterly, Ali-yraIly yearly series, / such
amounts and At such times a. the members may
determine. No person shall hold more than twenty
i've shares IN the capital OF any one such Asoil-
ton No shares OF a prIor series shall be l-.ued
after the ssue OF ne~ series.
Section il5 The number, title, duties and COM
pensltion of the officers OF the association, their
terms Of office, the time of ther election, we'll
as the qualifications OF electors and time Of each
periodical meeting of tho officers and members.
shal be determined by the By laws, bat member
shall be entitled 10 more than vote. All OIL
GERS shall continue IN Office until their successors
duly elected and no association shall expire
from neglect on its part to elect Officers az the time
prescribed By the By laws.
Section 1876. The officers shall hold stated
monthly meetings. At before each of these
meetings, every member shall pay 10 the associa-
ton as contribution to its capital. dollar. AS
dues upon each share held by him, until the share
reaches the ultimate value of two hundred dollars,
or is withdrawn, Cancelled forfeited Payment
of dues on each series shall commence from its
issue.
one months notice Of such lnteutiou, written in a
book held and provided by the association for the
purpose. Upon such withdrawal the shareholder 5
account shall be settled As follow: from the
amount then standing TO the credit of the shares to
be withdrawn, there shall be deducted all fines a
proportionate part Of any unadus oas, together
with such proportion OF the profits lr"v'et II !
credited to the shares the bylaws -.a' .r,
and such Shareholder shall be PAR ..#. .-ace;
provided that at no time shall mo. uue-half
OF the funds in the treasury be a. ylcab.e to the
demands of withdrawing members, without the
consent OF the directors. The directors may. at
their discretion, under rules made by them, retire
the unpledged shares OF any series, at any time
after four years from the date OF their issue, by
enforcing the withdrawal of the same; provided,
that the shareholders whose shares TO be
retired shall be determined by lot, and that they
shall be paid the full value Of their shares less all
hnes and Proportionate part of any unadjuste
loss
Section 1873. When each unpledged share of a
given series reaches the value of two hundred
dollars all payments of dues thereon shall cease,
and the holder thereof shall be paid out of the
funds of the association, two hundred dollars
therefor with interest at the of six per cent
year from the time of such maturity to the time Of
payment; provided, that at no time shall more than
onehAlf of the funds in the treasury be applicable
to the payment of such matured shares, without
the consent Of the directors, and that before pay
knpy Una "a q aud In aahu Ia
deducted. Every share shall be subject 10 a lien
for the payment of any unpaid dues fines, interest
premiums and other charges received thereon,
which may be enforced in the manner hereinafter
provided
Section l39 The moneys accumulated, after
due allowance made for all necessary and proper
expenses and for the withdrawal of shares, shall,
at each stated monthly meeting, be offered to the
members according to the premiums bid by them
for priority of right to loan. Each member
whose bid is accepted shall be entitled, upon CIV
ing proper security, to receive loan of two hun
dred dollars for each share held by him, or such
fractional part of two hundred dollars as the by
laws may allow. If a balance of money remains
unsod after a monthly sale, the directors may in
vest the same IN any OF the securities named in
section hundred of chapter fortyseven, revised
statutes, providing for investments of deposits of
savings banks. Any association organized as afore
said, may provide in its bylaws that the bid for
loans, at its stated monthly meetings shall instead
of premium, be rate OF annual interest upon
the sum desired payable in monthly installments.
Such bids shall include the whole interest to be
cent per annum.
Section 40 Premiums for loans shall consist
of a percentage charged on the amount lent in
addition to interest, and shall be deemed TO be q
consideration paid by the borrower for the present
use and possessi on of the future ultimate value
of his shares and shall, together with interest and
fne. be received by the association profit on
the capital invested in the loan and shall be dis
tributed to the various shares and series of said
capital as hereinafter provided.
Section 1il. borrowing member for each
share borrowed upon SHALL i'll addition to his dues
and monthly premium, pay monthly interest on
his loan at the rate of six per cent per annum until
his shares reach the ultimate value of two hundred
dollars each, or the loan has been repaid and
when said ultimate value is reached, said shares
and loan shall be declared cancelled and satisfied
and the balance, If any, due upon the shares shall
be paid TO the member.
Section 49, For every loan made, a note So
cured by first mortgage of real estate shall bs
gwen accompanied by transfer and pledge of
the shares of the borrower The share so pledged
shall be held by the association as collateral secur-
ity for the performance of the conditions OF the
note and mortgage Said note and mortgage shall
recite the number of shares pledged, ard the
amount of money advanced thereon, and shall be
conditioned for the payment, at the stated meet
inps of the corporation, of the monthly dues on
s;,id shares and the interest and premium upon the
loan together with all fines payments in arrears,
until said shares reach the ultim2te value of two
hundred dollars each, or said loan Is otherwise
Cancelled or-discharged, provided, that the shares,
without other security may, in the discretion of
the directors be pledged as security for loans to
An amount not exceeding their value as adjusted at
last adjustment and valuation OF shares before